Accounting Plus (Midterm Exam-Wednesday)

Question 1

Accounting is the ___ of business.

Answer 1

language

Question 2

IFRS

Answer 2

International Financial Reporting Standards

Question 3

A business organization composed of at least 5 but not more than 15 ownerships.

Answer 3

Corporation

Question 4

Corporation is a ___ ___ composed of ___ ___ ___ but ___ ___ ___ ownerships.

Answer 4

Corporation is a business organization composed of at least 5 but not more than 15 ownerships.

Question 5

AAA

Answer 5

American Accounting Association

Question 6

It ensures that financial transactions are recorded accurately and in accordance with GAAP of IFRS.

Answer 6

Compliance and Governance

Question 7

Compliance and Governance ensures that ___ ___ are ___ ___and in accordance with ___ of ___.

Answer 7

Compliance and Governance ensures that financial transactions are recorded accurately and in accordance with GAAP of IFRS.

Question 8

ASC developed into ___.

Answer 8

FRSC (Financial Reporting Standards Council)

Question 9

It aims to promote business and commerce across the country by simplifying the process for registering and administering a corporation in the Philippines.

Answer 9

Article 1767 of the Civil Code

Question 10

Article ___ of the Civil Code aims to ___ ___ and ___ across the country by ___ ___ ___ for ___ and ___ a ___ in the Philippines.

Answer 10

Article 1767 of the Civil Code aims to promote business and commerce across the country by simplifying the process for registering and administering a corporation in the Philippines.

Question 11

Basic Principles (7)

Answer 11

Historical Cost Principle
Objectivity Principle
Revenue Recognition Principle
Expense Recognition Principle
Adequate Disclosure
Consistency Principle
Materiality Principle

Question 12

IAS

Answer 12

International Accounting Standards

Question 13

OPC

Answer 13

One Person Corporation

Question 14

SEC

Answer 14

Securities and Exchange Commission

Question 15

It helps businesses allocate resources effectively, set financial goals, and monitor performance throughout the year.

Answer 15

Budgeting and Planning

Question 16

Budgeting and Planning helps businesses ___ ___ ___, ___ ___ ___, and ___ ___ throughout the ___.

Answer 16

Budgeting and Planning helps businesses allocate resources effectively, set financial goals, and monitor performance throughout the year.

Question 17

ASC

Answer 17

Accounting Standards Council

Question 18

A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

Answer 18

Corporation

Question 19

Corporation is a ___ or ___ ___ ___ authorized to act as a ___ ___ (legally a person) and recognized as such in law.

Answer 19

Corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

Question 20

BIR

Answer 20

Bureau of internal Revinue

Question 21

Profit is equivalent to ___.

Answer 21

Net

Question 22

It promotes transparency and accountability within the organization.

Answer 22

Compliance and Governance

Question 23

Compliance and Governance promotes ___ and ___ within the ___.

Answer 23

Compliance and Governance promotes transparency and accountability within the organization.

Question 24

A business organization that acquires finished goods and resells the same to consumers.

Answer 24

Merchandising

Question 25

Merchandising is a ___ ___ that ___ ___ ___ and ___ the same to ___.

Answer 25

Merchandising is a business organization that acquires finished goods and resells the same to consumers.

Question 26

A business organization owned by two or more people.

Answer 26

Partnership

Question 27

Partnership is a ___ ___ owned by ___ ___ ___ people.

Answer 27

Partnership is a business organization owned by two or more people.

Question 28

It is a principle where you record transaction on actual cost.

Answer 28

Historical Cost Principle

Question 29

Historical Cost Principle is a principle where you ___ ___ on ___ ___.

Answer 29

Historical Cost Principle is a principle where you record transaction on actual cost.

Question 30

Roles of Accounting (6)

Answer 30

Financial Reporting
Budgeting and Planning
Decision Making
Tax Compliance and Planning
Financial Analysis
Compliance and Governance

Question 31

Accounting is an art of recording, classifying, and summarizing in a significant manner and in terms of money transactions and events which are in part at least of a financial character and interpreting the results thereof. - ___

Answer 31

AICPA

Question 32

AICPA - Accounting is an ___ of ___, ___, and ___ in a ___ ___ and in terms of ___ ___ and ___ which are in part at least of a ___ ___ and ___ the ___ thereof.

Answer 32

AICPA - Accounting is an art of recording, classifying, and summarizing in a significant manner and in terms of money transactions and events which are in part at least of a financial character and interpreting the results thereof.

Question 33

Revenue is equivalent to ___.

Answer 33

Gross

Question 34

AAA - Accounting is the ___ of ___, ___, and ___ ___ ___ to permit ___ ___ and ___ by ___ of the information.

Answer 34

AAA - Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgement and decision by users of the information.

Question 35

Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgement and decision by users of the information.

Answer 35

AAA

Question 36

Types of Business Organization Based on Activities

Answer 36

Service
Merchandising
Manufacturing

Question 37

A business organization that provides work performed through the expertise by individual or team for the advantage of its customers or clients.

Answer 37

Service

Question 38

Service is a ___ ___ that provides ___ performed through the ___ by ___ or ___ for the advantage of its ___ or ___.

Answer 38

Service is a business organization that provides work performed through the expertise by individual or team for the advantage of its customers or clients.

Question 39

AICPA developed into ___.

Answer 39

PICPA (Philippine Institute of Certified Public Accountants)

Question 40

A business organization owned and controlled by one person.

Answer 40

Sole Proprietorship

Question 41

Sole Proprietorship is a ___ ___ owned and ___ by ___ person.

Answer 41

Sole Proprietorship is a business organization owned and controlled by one person.

Question 42

Service is equivalent to ___ in financial statements.

Answer 42

Service Revenue/Service Income

Question 43

PICPA started at ___.

Answer 43

1929

Question 44

It ensures compliance with tax laws and regulations, preparing, and filing tax returns accurately and on time, minimizing tax liabilities through strategic tax planning.

Answer 44

Tax Compliance and Planning

Question 45

Tax Compliance and Planning ensures ___ with ___ ___ and ___, ___, and ___ ___ ___and on ___, ___ ___ ___ through ___ ___ ___.

Answer 45

Tax Compliance and Planning ensures compliance with tax laws and regulations, preparing, and filing tax returns accurately and on time, minimizing tax liabilities through strategic tax planning.

Question 46

Aspect of Business 01

Answer 46

It is systematically established.

Question 47

IAP started at ___.

Answer 47

1923

Question 48

Aspect of Business 04

Answer 48

It satisfies the customers.

Question 49

Decision Making assesses ___, evaluate ___ ___ ___, and make ___ ___ about ___, ___, ___, and ___.

Answer 49

Decision Making assesses profitability, evaluate performance against goals, and make strategic decisions about pricing, production, investment, and expansion.

Question 49

It assesses profitability, evaluate performance against goals, and make strategic decisions about pricing, production, investment, and expansion.

Answer 49

Decision Making

Question 50

Forms of Business Organization (3)

Answer 50

Sole Proprietorship
Partnership
Corporation

Question 51

Why is accounting the language of business? (3)

Answer 51

It has its own set of terminologies.
It is a means of communicating information about a business.
It is like any other language; it is difficult to understand unless you have studied it.

Question 52

Merchandising and Manufacturing is equivalent to ___ in financial statements.

Answer 52

Sales

Question 53

IASC

Answer 53

International Accounting Standards Council

Question 54

A corporation is an ___ ___.

Answer 54

Artificial being

Question 55

Corporation is composed of ___ ___ ___.

Answer 55

Board of Directors

Question 56

When did the first accounting profession started in the Philippines?

Answer 56

March 17, 1923

Question 57

PAS

Answer 57

Philippine Accounting Standards

Question 58

Revenue is recognized when the earning process is complete regardless of when cash is received.

Answer 58

Revenue Recognition Principle

Question 59

Revenue Recognition Principle is that ___ is ___ when the ___ ___ is ___ regardless of when ___ is ___.

Answer 59

Revenue Recognition Principle is that revenue is recognized when the earning process is complete regardless of when cash is received.

Question 60

Accounting is a service activity. The accounting function to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision. - ___

Answer 60

ASC

Question 61

ASC - Accounting is a ___ ___. The ___ ___ to provide ___ ___, primarily ___ ___ ___, about ___ ___, that is intended to be useful in making ___ ___.

Answer 61

ASC - Accounting is a service activity. The accounting function to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.

Question 62

It helps management make informed decisions and improve overall financial performance.

Answer 62

Financial Analysis

Question 63

Financial Analysis helps ___ make ___ ___ and improve overall ___ ___.

Answer 63

Financial Analysis helps management make informed decisions and improve overall financial performance.

Question 64

The seller is willing to sell, the buyer is willing t buy.

Answer 64

Market Value

Question 65

It prepares financial statements that provides a clear picture of the company’s financial performance and position.

Answer 65

Financial Reporting

Question 66

Financial Reporting prepares ___ ___ that provides a ___ ___ of the company’s ___ ___ and ___.

Answer 66

Financial Reporting prepares financial statements that provides a clear picture of the company’s financial performance and position.

Question 67

Aspect of Business 03

Answer 67

It earns profit.

Question 68

GAAP

Answer 68

Generally Accepted Accounting Principles

Question 69

It is a measure of value used in accounting in which an asset on the balance sheet is recorded at its original cost.

Answer 69

Historical Cost Principle

Question 70

Historical Cost Principle is a ___ ___ ___ used in accounting in which an ___ ___ ___ ___ ___ is recorded at its ___ ___.

Answer 70

Historical Cost Principle is a measure of value used in accounting in which an asset on the balance sheet is recorded at its original cost.

Question 71

IFRS

Answer 71

International Financial Reporting Standards

Question 72

A systematized effort of persons to create something and trade the same to earn a profit which in the end will satisfy the community or the society.

Answer 72

Business

Question 73

Business is a ___ ___ of ___ to ___ ___ and ___ ___ ___ ___ ___ ___ ___ which in the end will ___ the ___ or the ___.

Answer 73

Business is a systematized effort of persons to create something and trade the same to earn a profit which in the end will satisfy the community or the society.

Question 74

Underlying Assumption (1)

Answer 74

Going Concern Assumption

Question 75

Republic Act No. 11232 is signed by ___ ___, in ___ ___ ___.

Answer 75

Republic Act No. 11232 is signed by President Duterte, in February 20, 2019.

Question 76

An entity that converts raw materials into finished goods and sells them to consumers.

Answer 76

Manufacturing

Question 77

Manufacturing is an ___ that ___ ___ ___ into ___ ___ and ___ them to ___.

Answer 77

Manufacturing is an entity that converts raw materials into finished goods and sells them to consumers.

Question 78

PICPA

Answer 78

Philippine Institute of Certified Public Accountants

Question 79

Theories in Accounting (3)

Answer 79

Basic Principles
Underlying Assumption
Fundamental Concepts

Question 80

Who is the first Filipino CPA?

Answer 80

Don Vicente Fabella

Question 81

Fundamental Concepts (3)

Answer 81

Accounting Entity Concepts
Periodicity Concept
Stable Monetary Unit Concept

Question 82

Aspect of Business 02

Answer 82

It provides goods or services.

Question 83

It is the concept that the financial statements of an organization be based on solid evidence.

Answer 83

Objectivity Principle

Question 84

Objectivity Principle is the ___ that the ___ ___ of an ___ be based on ___ ___.

Answer 84

Objectivity Principle is the concept that the financial statements of an organization be based on solid evidence.

Question 85

PFRS

Answer 85

Philippine Financial Reporting Standards

Question 86

AICPA

Answer 86

American Institute of Certified Public Accountants

Question 87

Users of Accounting Information (2)

Answer 87

Primary Users
Other Users

Question 88

Primary Users (2)

Answer 88

Investor/Owners
Lenders/Creditors

Question 89

Other Users (4)

Answer 89

Employees
Government
Public
Management

Question 90

ROI

Answer 90

Return of Investment

Question 91

Investors need accounting information to know the ___ ___ in ___ and ___.

Answer 91

Investors need accounting information to know the risk inherent in investing and returns.

Question 92

Investors need accounting information to know the ___ ___ ___.

Answer 92

Investors need accounting information to know the feasibility of investing.

Question 93

Investors need accounting information to ___ it before providing ___ ___ to ___.

Answer 93

Investors need accounting information to analyze it before providing financial resources to company.

Question 94

Investors need accounting information on ___, ___, ___, ___ and ___ of the company.

Answer 94

Investors need accounting information on sales, profit, return of investment, stability and continuity of the company.

Question 95

Lenders or Creditors need accounting information to know the ___ of a ___.

Answer 95

Lenders or Creditors need accounting information to know the credit worthiness of a business.

Question 96

Lenders or Creditors need accounting information such as the ___ ___ ___ of the ___.

Answer 96

Lenders or Creditors need accounting information such as the ability to pay of the company.

Question 97

Lenders or Creditors need consists of ___, ___ ___ ___, and ___.

Answer 97

Lenders or Creditors need consists of suppliers, lenders of finance, and banks.

Question 98

___ ___ and ___ are the basis of financial health.

Answer 98

Credit terms and standards are the basis of financial health.

Question 99

Employees need accounting information to know the ___ ___ of the ___, ___ of ___ and ___ to determine their ___ ___, ___ of ___ ___, ___ ___ and ___ ___.

Answer 99

Employees need accounting information to know the financial health of the business, amount of sales and profitability to determine their job security, possibility of future renumeration, retirement benefits and employment opportunities.

Question 100

Employees need accounting information to know the ___ ___ of the ___ and ___ of the company.

Answer 100

Employees need accounting information to know the financial health of the stability and profitability of the company.

Question 101

Government needs accounting information to ___ ___ and ___ ___ due to them.

Answer 101

Government needs accounting information to collect taxes and other fees due to them.

Question 102

Public need accounting information as ___ ___ ___.

Answer 102

Public need accounting information as sources of information.

Question 103

Management need accounting information to make ___ ___ ___, assess the ___ ___, and to meet ___ ___.

Answer 103

Management need accounting information to make projections and divisions, assess the expected ROI, and to meet legal obligations.

Question 104

Branches of Accounting (7)

Answer 104

Financial Accounting
Management Accounting
Cost Accounting
Tax Accounting
Fund Accounting
Government Accounting
Forensic Accounting

Question 105

Services are equivalent to ___ ___ ___/___ ___ ___ in the financial statements.

Answer 105

Unearned Service Income/ Unearned Service Revenue

Question 106

Merchandising and Manufacturing are equivalent to ___ ___ in the financial statements.

Answer 106

Unearned Sales

Question 107

Expense Recognition Principle is that the ___ is ___ when it is ___ regardless of when ___ ___ ___.

Answer 107

Expense Recognition Principle is that the expense is recognized when it is incurred regardless of when cash is paid.

Question 108

Expense is recognized when it is incurred regardless of when cash is paid.

Answer 108

Expense Recognition Principle

Question 109

The combination of the expense and revenue recognition principle is called ___ ___.

Answer 109

Matching Principle

Question 110

It is ____ when goods are used up and services are received.

Answer 110

incurred

Question 111

It is incurred when ___ ___ ___ ___ and ___ ___ ___.

Answer 111

It is incurred when goods are used up and services are received.

Question 112

Adequate Disclosure is the ___ ___ that could help ___ ___ ___ should be ___.

Answer 112

Adequate Disclosure is the additional information that could help economic decision making should be presented.

Question 113

It is the additional information that could help economic decision making should be presented.

Answer 113

Adequate Disclosure

Question 114

It demands full disclosure of all material matters which can affect the financial statements and are of the interest of users of accounting information.

Answer 114

Adequate Disclosure

Question 114

Adequate Disclosure demands ___ ___ of all ___ ___ which can affect the ___ ___ and are of the interest of ___ ___ ___ ___.

Answer 114

Adequate Disclosure demands full disclosure of all material matters which can affect the financial statements and are of the interest of users of accounting information.

Question 115

Adequate Disclosure requires the ___ of ___ ___ in ___ ___ which can be more ___ and ___ ___ to its ___.

Answer 115

Adequate Disclosure requires the disclosure of appropriate changes in financial statements which can be more useful and not misleading to its users.

Question 116

It requires the disclosure of appropriate changes in financial statements which can be more useful and not misleading to its users.

Answer 116

Adequate Disclosure

Question 117

Adequate Disclosure ___ ___ ___ any ___ that could help the decisions of users.

Answer 117

Adequate Disclosure should not hide any information that could help the decisions of users.

Question 118

This should not hide any information that could help the decisions of users.

Answer 118

Adequate Disclosure

Question 119

Adequate Disclosure are the ___ ___ ___.

Answer 119

Adequate Disclosure are the qualitative extra information.

Question 120

These are the qualitative extra information.

Answer 120

Adequate Disclosure

Question 121

Consistency Principle is that once you adopt an ___ ___ or ___, continue to follow it ___ in ___ ___ ___.

Answer 121

Consistency Principle is that once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods.

Question 122

Once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods.

Answer 122

Consistency Principle

Question 123

Consistency Principle should only change an ___ ___ or ___ if the ___ ___ in some way improves ___ ___ ___.

Answer 123

Consistency Principle should only change an accounting principle or method if the new version in some way improves reported financial results.

Question 124

It should only change an accounting principle or method if the new version in some way improves reported financial results.

Answer 124

Consistency Principle

Question 125

SLM

Answer 125

Straight Line Method

Question 126

Materiality Principle states that financial information is ___ to the ___ ___ if it would ___ the ___ or ___ of a ___ ___.

Answer 126

Materiality Principle states that financial information is material to the financial statements if it would change the opinion or view of a reasonable person.

Question 127

States that financial information is material to the financial statements if it would change the opinion or view of a reasonable person.

Answer 127

Materiality Principle

Question 128

Materiality Principle states that what is ___ to you might be ___ to others.

Answer 128

Materiality Principle states that what is material to you might be immaterial to others.

Question 129

States that what is material to you might be immaterial to others.

Answer 129

Materiality Principle

Question 130

Materiality Principle is the need to know the nature ___ and ___ of the ___.

Answer 130

Materiality Principle is the need to know the nature and relation of the transactions.

Question 131

It is the need to know the nature and relation of the transactions.

Answer 131

Materiality Principle

Question 132

Going Concern Assumption is an accountancy term for a ___ that has the ___ needed to continue ___ ___ until it provides ___ to the ___.

Answer 132

Going Concern Assumption is an accountancy term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary.

Question 133

An accountancy term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary.

Answer 133

Going Concern Assumption

Question 134

Accounting Entity Concept is that a ___ or an ___ and its ___ are treated as ___ ___ ___ ___.

Answer 134

Accounting Entity Concept is that a business or an organization and its owners are treated as two separately identifiable parties.

Question 135

A business or an organization and its owners are treated as two separately identifiable parties.

Answer 135

Accounting Entity Concept

Question 136

Accounting Entity Concept is that the ___ and the ___ are ___ and ___ ___.

Answer 136

Accounting Entity Concept is that the business and the owner are separate and distinct entity.

Question 137

The business and the owner are separate and distinct entity.

Answer 137

Accounting Entity Concept

Question 138

___ and ___ ___ is the accounting period of ___ year.

Answer 138

Calendar and Fiscal Year is the accounting period of one year.

Question 139

Periodicity Concept means that ___ will assume that a company’s ___ and ___ activities can be divided up and reported in ___, ___ and ___ financial statements.

Answer 139

Periodicity Concept means that accountants will assume that a company’s complex and ongoing activities can be divided up and reported in annual, quarterly and monthly financial statements.

Question 140

Accountants will assume that a company’s complex and ongoing activities can be divided up and reported in annual, quarterly and monthly financial statements.

Answer 140

Periodicity Concept

Question 141

Stable Monetary Unit Concept assumes that the ___ of the ___ is ___ ___ and ___ the ___ ___ ___ in the ___ ___.

Answer 141

Stable Monetary Unit Concept assumes that the value of the peso is stable overtime and ignores the effect of inflation in the accounting records.

Question 143

History of Accounting (12)

Answer 143

2500 B.C.
1000 B.C.
500 B.C.
432 B.C.
1200-1493
1494
1500-1700
1701-1900
1920-1940
1936
1973
1941 to present

Question 144

Historical accounting records have been found in ancient civilizations like Egyptians, Romans, Greek Empires as well as Ancient Arabia. - HOA

Answer 144

2000 B.C.

Question 145

The Phoenicians created an alphabet in clay tablets. - HOA

Answer 145

1000 B.C.

Question 146

The first invention of the first bead and wire abacus, with Egypt and China. - HOA

Answer 146

500 B.C.

Question 147

The auditing profession was first established. - HOA

Answer 147

432 B.C.

Question 148

The first requirement for business to keep accounting records spread across many of the Italian Republics in the 13th Century. - HOA

Answer 148

1200-1493

Question 149

Luca Pacioli wrote Summa de Arithmetica. - HOA

Answer 149

1494

Question 150

Double-Entry records had small and large innovations. Financial and Management accounting had been necessity to report to management and investors respectively. - HOA

Answer 150

1500-1700

Question 151

During the Industrial Revolution, accounting really took off to gain financing and maintain efficiency through capitalism. - HOA

Answer 151

1701-1900

Question 152

GAAP was developed by AICPA. - HOA

Answer 152

1936

Question 153

Financial Accounting Standards Board was established. - HOA

Answer 153

1973

Question 154

FASB

Answer 154

Financial Accounting Standards Board

Question 155

___ ___ promotes, develops and supports accountants worldwide.

Answer 155

Accounting Profession

Question 156

Its role is crucial in protecting the quality and integrity of accountants who are core to the rigorous application of the Standards.

Answer 156

Accounting Profession

Question 157

Accounting Profession ___, ___ and ___ ___ worldwide.

Answer 157

Accounting Profession promotes, develops and supports accountants worldwide.

Question 158

Accounting Profession’s role is crucial in ___ the ___ and ___ of ___ who are core to the rigorous ___ of the ___.

Answer 158

Accounting Profession’s role is crucial in protecting the quality and integrity of accountants who are core to the rigorous application of the Standards.

Question 159

Roles of Accounting Profession (7)

Answer 159

Financial Reporting
Financial Analysis
Auditing
Tax Advisory
Management Consulting
Risk Management
Corporate Governance

Question 160

Helps businesses provides accurate financial information for decision-making.

Answer 160

Financial Reporting

Question 161

Helps society ensure transparency and accountability, fostering trust.

Answer 161

Financial Reporting

Question 162

Helps businesses assist in evaluating performance and identifying trends.

Answer 162

Financial Analysis

Question 163

Helps society in efficient allocation of resources and economic stability.

Answer 163

Financial Analysis

Question 164

Helps businesses verify financial records to ensure accuracy and reliability.

Answer 164

Auditing

Question 165

Helps society safeguard public interest by validating financial information.

Answer 165

Auditing

Question 166

Helps businesses optimize tax strategies and compliance with tax laws.

Answer 166

Tax Advisory

Question 167

Helps society support government revenue generation and fairness in taxation.

Answer 167

Tax Advisory

Question 168

Tax Advisory helps society support ___ ___ ___ and fairness in ___.

Answer 168

Tax Advisory helps society support government revenue generation and fairness in taxation.

Question 169

Tax Advisory helps businesses optimize ___ ___ and compliance with ___ ___.

Answer 169

Tax Advisory helps businesses optimize tax strategies and compliance with tax laws.

Question 170

Auditing helps society ___ ___ ___ by ___ financial information.

Answer 170

Auditing helps society safeguard public interest by validating financial information.

Question 171

Auditing helps businesses ___ financial records to ensure ___ and ___.

Answer 171

Auditing helps businesses verify financial records to ensure accuracy and reliability.

Question 172

Financial Analysis helps society in ___ ___ of ___ and ___ ___.

Answer 172

Financial Analysis helps society in efficient allocation of resources and economic stability.

Question 173

Financial Analysis helps businesses assist in ___ ___ and ___ ___.

Answer 173

Financial Analysis helps businesses assist in evaluating performance and identifying trends.

Question 174

Financial Reporting helps society ensure ___ and ___, ___ ___.

Answer 174

Financial Reporting helps society ensure transparency and accountability, fostering trust.

Question 175

Financial Reporting helps businesses provides ___ ___ ___ for ___ ___.

Answer 175

Financial Reporting helps businesses provides accurate financial information for decision-making.

Question 176

Helps businesses by offering insights for strategic planning and operational efficiency.

Answer 176

Management Consulting

Question 177

Management Consulting helps businesses by ___ ___ for ___ ___ and ___ ___.

Answer 177

Management Consulting helps businesses by offering insights for strategic planning and operational efficiency.

Question 178

Helps society promotes organizational growth and effectiveness.

Answer 178

Management Consulting

Question 179

Management Consulting helps society promotes ___ ___ and ___.

Answer 179

Management Consulting helps society promotes organizational growth and effectiveness.

Question 180

Helps businesses identify and manage financial risks.

Answer 180

Risk Management

Question 181

Risk Management helps businesses ___ and ___ ___ ___.

Answer 181

Risk Management helps businesses identify and manage financial risks.

Question 182

Helps society mitigate risks for investors and stakeholders.

Answer 182

Risk Management

Question 183

Risk Management helps society ___ ___ for ___ and stakeholders.

Answer 183

Risk Management helps society mitigate risks for investors and stakeholders.

Question 184

Helps businesses establish frameworks for ethical conduct and accountability.

Answer 184

Corporate Governance

Question 185

Corporate Governance helps businesses ___ ___ for ___ ___ and ___.

Answer 185

Corporate Governance helps businesses establish frameworks for ethical conduct and accountability.

Question 186

Helps society uphold ethical standards and corporate responsibility.

Answer 186

Corporate Governance

Question 187

Corporate Governance helps society uphold ___ ___ and ___ ___.

Answer 187

Corporate Governance helps society uphold ethical standards and corporate responsibility.

Question 188

Accountancy Profession has grown due to the ___ ___, ___, and ___ of ___ and the ___ ___ in the ___ ___.

Answer 188

Accountancy Profession has grown due to the increased complexity, size, and number of businesses and the frequent changes in the tax laws.

Question 189

Accountancy is considered a profession because it determines its ___ ___ of ___ and ___.

Answer 189

Accountancy is considered a profession because it determines its own standards of education and training.

Question 190

Accountancy is considered a profession because it is often ___ ___ by some form of ___.

Answer 190

Accountancy is considered a profession because it is often legally recognized by some form of licensure.

Question 191

Accountancy is considered a profession because the ___ and ___ ___ are ___ by ___ of the ___.

Answer 191

Accountancy is considered a profession because the licensing and admission boards are manned by members of the profession.

Question 192

Accountancy is considered a profession because most ___ ___ with the ___ is ___ by that ___.

Answer 192

Accountancy is considered a profession because most legislation concerned with the profession is shaped by that profession

Question 193

Accountancy is considered a profession because the ___ is ___ ___ of lay ___ and ___.

Answer 193

Accountancy is considered a profession because the practitioner is relatively free of lay evaluation and control.

Question 194

The Philippine Accountancy Act of 2004
(Republic Act No. 9298)

Answer 194

An act regulating the practice of accountancy in the Philippines.

Question 195

The Philippine Accountancy Act of 2004
was published in two circulating newspapers nationwide and came into law on ___ ___.

Answer 195

July 2004

Question 196

An act regulating the practice of accountancy in the Philippines.

Answer 196

The Philippine Accountancy Act of 2004
(Republic Act No. 9298)

Question 197

The Philippine Accountancy Act of 2004
(Republic Act No. 9298) was enacted into law in ___ ___ ___.

Answer 197

May 13, 2004

Question 198

Key provisions of RA 9298 (5)

Answer 198

Objectives
PRBOA composition & qualification
Qualifications of applicants
Scope of Examinations
Rating in the CPALE
Continuing Professional Development (CPD)

Question 199

The Philippine Accountancy Act of 2004
(Republic Act No. 9298) was signed by ___ ___ ___.

Answer 199

Gloria Macapagal Arroyo

Question 200

Revised Accountancy Law (Presidential Decree No. 692) was enacted into law in ___ ___ ___.

Answer 200

May 05, 1975

Question 201

Revised Accountancy Law (Presidential Decree No. 692) was signed by ___ ___ ___.

Answer 201

President Ferdinand Marcos

Question 202

CPD

Answer 202

Continuing Professional Development

Question 203

PRBOA

Answer 203

Professional Regulatory Board of Accountancy

Question 204

BOA

Answer 204

Board of Accountancy

Question 205

Article I., Section 3:

Answer 205

Objectives

Question 206

Article II., Section 5:

Answer 206

The Professional Regulatory Board of Accountancy and its Composition

Question 207

Article II., Section 6:

Answer 207

Qualifications of a members of the Professional Regulatory Board

Question 208

Article III., Section 14:

Answer 208

Qualifications of applicants for examinations

Question 209

Article III., Section 15:

Answer 209

Scope of Examination (as revised)

Question 210

Article III., Section 16:

Answer 210

Rating in the Licensure Examination

Question 211

Article III., Section 18:

Answer 211

Failing Candidates to Take Refresher Course

Question 212

Article I., Section 4:

Answer 212

Areas of Accounting Practice

Question 213

Republic Act No. 10912

Answer 213

Professional Development (CPD) units

Question 214

CPD Act of 2016

Answer 214

Republic Act No. 10912

Question 215

Republic Act No. 10912

Answer 215

Enacted to promote and upgrade the practice of the professions in the country.

Question 216

CPD Act of 2016 lapsed into Law ___ ___, ___.

Answer 216

July 21, 2016

Question 217

CPD Act of 2016 took effect on ___ ___, ___.

Answer 217

August 16, 2016

Question 218

CPAs are required to earn a total of ___ ___ ___.

Answer 218

120 CPD Units

Question 219

Accounting Plus Professor

Answer 219

Timoleon S. Lianza

Question 221

The value of an amount of learning achieved from formal, informal or non-formal learning including professional work experience wherein credit units can be accumulated to predetermined levels for the award of a qualification.

Answer 221

CPD Credit Units

Question 221

Article I., Section 3: Objectives

Answer 221

-The standardization and regulation of accounting education.
-The examination of registration of certified public accountants.
-The supervision, control, and regulation of the practice of accountancy in the Philippines.

Question 222

Article I., Section 3: Objectives
-The ___ and ___ of accounting education.
-The ___ of ___ of certified public accountants.
-The ___, ___, and ___ of the practice of accountancy in the Philippines.

Answer 222

Article I., Section 3: Objectives
-The standardization and regulation of accounting education.
-The examination of registration of certified public accountants.
-The supervision, control, and regulation of the practice of accountancy in the Philippines.

Question 223

Article II., Section 5:
The Professional Regulatory Board of Accountancy and its Composition

Answer 223

-1 Chairman
-6 members (President of the Philippines)
-3 recommendees (Commission)
-5 nominees (National Professional Organization of Certified Public Accountant)

Question 224

Article II., Section 5:
The Professional Regulatory Board of Accountancy and its Composition
-___ Chairman
-___ members (___ of the Philippines)
-___ recommendees (___)
-___ nominees (___ ___ ___ of ___ ___ ___)

Answer 224

Article II., Section 5:
The Professional Regulatory Board of Accountancy and its Composition
-1 Chairman
-6 members (President of the Philippines)
-3 recommendees (Commission)
-5 nominees (National Professional Organization of Certified Public Accountant)

Question 225

Article II., Section 6:
Qualifications of a members of the Professional Regulatory Board

Answer 225

-Natural-born citizen
-Resident of the Philippines
-Certified Public Accountant (10)
-Good moral character
-Must not have any interest in any school

Question 226

Article II., Section 6:
Qualifications of a members of the Professional Regulatory Board
-___ ___ citizen
-___ of the Philippines
-___ ___ ___ (10)
-___ ___ character
-Must not have any ___ in any ___

Answer 226

Article II., Section 6:
Qualifications of a members of the Professional Regulatory Board
-Natural-born citizen
-Resident of the Philippines
-Certified Public Accountant (10)
-Good moral character
-Must not have any interest in any school

Question 227

Article III., Section 14:
Qualifications of applicants for examinations

Answer 227

-Filipino citizen
-Good moral character
-A BSA degree holder
-No criminal offence

Question 228

Article III., Section 14:
Qualifications of applicants for examinations
-___ citizen
-___ ___ character
-A ___ degree holder
-No ___ ___

Answer 228

Article III., Section 14:
Qualifications of applicants for examinations
-Filipino citizen
-Good moral character
-A BSA degree holder
-No criminal offence

Question 229

Article III., Section 15:
Scope of Examination (as revised) (6)

Answer 229

-Financial Accounting & Reporting (FAR)
-Advanced Financial Accounting & Reporting (AFAR)
-Auditing
-Management Advisory Services (MAS)
-Taxation
-Regulatory Framework for Business Transactions (RFBT)

Question 230

Article III., Section 16:
Rating in the Licensure Examination

Answer 230

-Average of 75%
-No grade lower than 65% in any given subject.
-Conditional credit shall take an examination in the remaining subjects within 2 years
-Failure to obtain 75% and 65% shall be considered as failed in the entire examination

Question 231

Article III., Section 16:
Rating in the Licensure Examination
-Average of ___
-No grade lower than ___ in any given subject.
-___ ___ shall take an ___ in the remaining subjects within ___ ___
-Failure to obtain ___ and ___ shall be considered as ___ in the entire ___

Answer 231

Article III., Section 16:
Rating in the Licensure Examination
-Average of 75%
-No grade lower than 65% in any given subject.
-Conditional credit shall take an examination in the remaining subjects within 2 years
-Failure to obtain 75% and 65% shall be considered as failed in the entire examination

Question 232

Article III., Section 18:
Failing Candidates to Take Refresher Course

Answer 232

Any candidate who fails 2 complete CPA Board Examinations is disqualified until completion of at least 24 units of subject given in the licensure examination.

Question 233

Article III., Section 18:
Failing Candidates to Take Refresher Course
-Any candidate who fails ___ complete ___ ___ ___ is ___ until completion of at least ___ units of subject given in the ___ ___.

Answer 233

Article III., Section 18:
Failing Candidates to Take Refresher Course
-Any candidate who fails in 2 complete CPA Board Examinations is disqualified until completion of at least 24 units of subject given in the licensure examination.

Question 234

Article I., Section 4:
Areas of Accounting Practice (4)

Answer 234

Practice of Public Accountancy
Practice in Commerce and Industry
Practice in Education/Academe
Practice in Government

Question 235

Conceptual Framework Levels (3)

Answer 235

-Objectives of Financial Reporting
-Qualitative Characteristics
-Elements of F/S
Recognition and Measurement Concepts

Question 236

History of Conceptual Framework (5)

Answer 236

April 1989
July 1989
April 2001
September 2010
March 2018

Question 237

Framework for the Preparation & Presentation of Financial Statements (Framework) was approved by the Board of IASC - HOCF

Answer 237

April 1989

Question 238

Framework was published - HOCF

Answer 238

July 1989

Question 239

Framework was adopted by the IASB - HOCF

Answer 239

April 2001

Question 240

Conceptual Framework for Financial Reporting for 2010 approved by IASB - HOCF

Answer 240

September 2010

Question 241

Conceptual Framework for Financial Reporting 2018 was published

Answer 241

March 2018

Question 242

Conceptual Framework for Financial Reporting 2010 has ___ chapters.

Answer 242

Conceptual Framework for Financial Reporting 2010 has 4 chapters.

Question 243

Conceptual Framework for Financial Reporting 2018 has ___ chapters.

Answer 243

Conceptual Framework for Financial Reporting 2018 has 8 chapters.

Question 244

A system of ideas and objectives that lead to the creation of a consistent set of rules and standards. Specifically in accounting, the rule and standards set the nature, function and limits of financial accounting and financial statements.

Answer 244

Conceptual Framework

Question 245

Purpose of Conceptual Framework for Financial Reporting

Answer 245

-Assist the IAS Board to develop IFRS
-Assist preparers to develop consistent accounting policies
-Assist all parties to understand and interpret the Standards

Question 246

Standards

Answer 246

PAS and PFRS

Question 247

Purpose of CFFR
-Assist the ___ ___ to develop ___
-Assist ___ to develop ___ accounting policies
-Assist all parties to ___ and ___ the Standards

Answer 247

Purpose of CFFR
-Assist the IAS Board to develop IFRS
-Assist preparers to develop consistent accounting policies
-Assist all parties to understand and interpret the Standards

Question 248

Conceptual Framework is not a ___.

Answer 248

Conceptual Framework is not a Standard.

Question 249

Qualitative Characteristics of Conceptual Framework for Financial Reporting (2)

Answer 249

Fundamental
Enhancing

Question 250

Fundamental Qualitative Characteristics (2)

Answer 250

Relevance
Faithful Representation

Question 251

Enhancing Qualitative Characteristics (4)

Answer 251

Verifiability
Comparability
Understandability
Timeliness

Question 252

General Objective of F/S (3)

Answer 252

Economic Resources of the Reporting entity
Claims against the Entity
Changes in the Economic Resources and Claims

Question 253

Elements directly related to the measurement of Financial Position (3)

Answer 253

Asset
Liability
Equity

Question 254

Elements directly related to the measurement of Financial Performance (2)

Answer 254

Income
Expense

Question 255

Relevance (3)

Answer 255

Predictive Value
Confirmatory Value
Materiality

Question 256

Faithful Representation (3)

Answer 256

Completeness
Neutrality
Free from Error

Question 257

It provides financial information that is useful to users in making decisions relating to providing resources to the entity.

Answer 257

Financial Reporting

Question 258

Financial Reporting provides ___ ___ that is useful to users in making decisions relating to ___ ___ to the entity.

Answer 258

Financial Reporting provides financial information that is useful to users in making decisions relating to providing resources to the entity.

Question 259

Users’ decisions involve decisions about:
___, ___ or holding ___or ___ ___.
Providing or settling ___ or other forms of ___.
Influencing ___ actions.

Answer 259

Users’ decisions involve decisions about:
Buying, selling or holding equity or debt instruments.
Providing or settling loans or other forms of credits.
Influencing management’s actions.

Question 259

To make decisions users assess:
___ for future ___ ___ ___ to the entity.
___ ___ of the entity’s ___ ___.

Answer 259

To make decisions users assess:
Prospects for future net cash inflows to the entity.
Management’s stewardship of the entity’s economic resources.

Question 260

In making assessments users need information about:
___ ___, ___ against the entity, and ___ in those resources and claims.
How effectively ___ has discharged its ___ to use the entity’s ___ ___.

Answer 260

In making assessments users need information about:
Economic Resources, claims against the entity, and changes in those resources and claims.
How effectively management has discharged its responsibilities to use the entity’s economic resources.

Question 261

It is the end-product of the financial accounting process.

Answer 261

Financial Statements

Question 262

It contains the records that tell the performance of the entity, resources, claims against the entity and the changes in those resources and claims.

Answer 262

Financial Statements

Question 263

Financial Statements is the ___-___ of the financial accounting process.

Answer 263

Financial Statements is the end-product of the financial accounting process.

Question 264

Financial Statements contains the ___ that tell the ___ of the ___, ___, ___ against the entity and the ___ in those resources and claims.

Answer 264

Financial Statements contains the records that tell the performance of the entity, resources, claims against the entity and the changes in those resources and claims.

Question 265

Components of Financial Statements (5)

Answer 265

Income Statement
Statement of Changes in Owner’s Equity
Statement of Cash Flows
Balance Sheet
Notes to Finan Statement

Question 266

It shows the performance of the entity for a period of time.

Answer 266

Income Statement

Question 267

It shows the revenues and expenses of the entity.

Answer 267

Income Statement

Question 268

Components of Income Statement (2)

Answer 268

Revenue
Expenses

Question 269

Income Statement are also called: (2)

Answer 269

Profit or Loss Statement or Statement of Profit or Loss

Question 270

Income is composed of: (2)

Answer 270

Revenues
Gains

Question 271

Expenses is composed of: (2)

Answer 271

Ordinary Expenses
Losses

Question 272

It shows the financial condition of the entity.

Answer 272

Balance Sheet

Question 273

Components of Income Statement (2)

Answer 273

Assets
Liability
Equity/Capital

Question 274

For every business transaction, it has an equal and opposite effects in at least two different accounts.

Answer 274

Double-Entry System

Question 275

Has two equal and corresponding sides known as debit and credit.

Answer 275

Double-Entry System

Question 276

Accounting Equation

Answer 276

A=L+OE

Question 277

Considered the basic device in summarizing financial information.

Answer 277

Accounts

Question 278

It is used to keep track and have a detailed record of the increase, decrease and balance of each element that appears in the financial statements.

Answer 278

Accounts

Question 279

Normal Balance of the Elements of F/S

Answer 279

A=Debit
L=Credit
OE=Credit
R=Credit
E=Debit

Question 280

Accounting Cycle (10)

Answer 280

Step 1: Analyze the business transactions
Step 2: Journalize the business transactions to journal
Step 3: Post Journal Entries to Ledger
Step 4: Prepare the Trial Balance
Step 5: Journalize & Post Adjustments
Step 6: Prepare Adjusted Trial Balance
Step 7: Prepare Financial Statements
Step 8: Journalize & Post-Closing Entries
Step 9: Prepare Post-Closing Trial Balance
Step 10: Journalize & Post-Reversing Entries

Question 281

Are proof of occurrence of business transactions containing information about the nature and the amounts of the transaction.

Answer 281

Source documents

Question 282

Types of Transactions (4)

Answer 282

1. Source of Assets (SA)
2. Exchange of Assets (EA)
3. Use of Assets (UA)
4. Exchange of Claims (EC)

Question 283

An assets account increases and a corresponding claims (liabilities or equity) account increase.

Answer 283

Source of Assets

Question 284

One asset account increases and another asset account decreases.

Answer 284

Exchange of Assets

Question 285

An asset account decreases and a corresponding claims (liability or equity) account decreases.

Answer 285

Use of Assets

Question 286

One claim (liabilities or owner’s equity) account increases and another claims (liabilities or owner’s equity) account decreases.

Answer 286

Exchange of Claims

Question 287

Is a chronological record of all the financial transactions of a business. It’s also known as the book of original entry.

Answer 287

Accounting journal

Question 288

Accounting journal is also known as the ___ ___ ___ ___.

Answer 288

Book of Original Entry

Question 289

Contents of Accounting journal (5)

Answer 289

Date of transaction
Account titles and explanation
Posting Reference (P.R.)
Debit
Credit

Question 290

Posting reference is also known as ___ ___.

Answer 290

account code

Question 291

A record or document that contains account summaries for accounts used by an entity.

Answer 291

Ledger

Question 292

Ledger is called the ___ ___ ___ ___.

Answer 292

Book of Final Entry

Question 293

A listing of all the accounts and their account numbers.

Answer 293

Chart of Accounts

Question 294

It proves the equality of debits and credits.

Answer 294

Trial Balance

Question 295

An entry to record unrecognized income or expense for the period.

Answer 295

Adjusting Entry

Question 296

It is necessary because transactions take place over more than one accounting period.

Answer 296

Adjusting Entry

Question 297

Suggests that revenue or expense is to be recorded when they occur regardless of when cash is received or paid.

Answer 297

Accrual Basis of Accounting

Question 298

It recognizes revenue or expense when cash is received or paid, respectively.

Answer 298

Cash Basis of Accounting

Question 299

___ is never involved in adjusting entries.

Answer 299

Cash is never involved in adjusting entries.

Question 300

Adjusting entries always involve either a ___ account or an ___ account.

Answer 300

Adjusting entries always involve either a revenue account or an expense account.

Question 301

Adjusting entries involve one ___ account and one ___ account.

Answer 301

Adjusting entries involve one real account and one nominal account.

Question 302

___ accounts are account titles found in the balance sheet.

Answer 302

real accounts

Question 303

___ accounts are found in the income statement.

Answer 303

nominal accounts

Question 304

Deferral (5)

Answer 304

Prepayments
Purchase of Supplies
Depreciation
Uncollectible accounts estimate
Unearned Revenue

Question 305

Accrual (2)

Answer 305

Accrued Expense
Accrued Revenue

Question 306

It is the postponement of the recognition of expense already paid but not yet incurred or postponement of the recognition of revenue/income already collected but not yet earned.

Answer 306

Deferral type of adjustment

Question 307

All assets acquired are subject to ___ (except “Land”) because of the passage of time, its use or the wear and tear of the assets.

Answer 307

depreciation

Question 308

Using the ___ ___ ___ ___, the value of an asset is reduced uniformly over each period until it reaches its salvage value.

Answer 308

Straight Line Depreciation Method

Question 309

Depreciation SLM formula

Answer 309

Annual Depreciation = Cost-SV
UL

Question 310

The value of the asset at the end of its useful life.

Answer 310

Salvage Value

Question 311

Represents the number of years in which the asset is expected to be used by the company.

Answer 311

Useful Life

Question 312

A ___ ___ is a receivable that might become a bad debt at some point in the future.

Answer 312

doubtful debt

Question 313

___ ___ ___ ___ is a contra asset account which represents management’s estimate of uncollectible accounts for the period.

Answer 313

Allowance for doubtful accounts

Question 314

It is money received by the company for a service or product that has yet to be provided or delivered.

Answer 314

Unearned Income/Revenue

Question 315

It is recorded as a liability because it represents a debt owed to the customer.

Answer 315

Unearned Income/Revenue

Question 316

When the company earned or partially earned the revenue, ___ must be made to reflect the earned portion.

Answer 316

adjustments

Question 317

Types of adjustment (2)

Answer 317

Deferral
Accrual

Question 318

It is the recognition of expense already incurred but not yet paid or recognition of revenue/income already earned but not yet collected.

Answer 318

accrual type of adjustment

Question 319

It is an expense already incurred but no payment has been made yet.

Answer 319

Accrued Expense

Question 320

It is sometimes called accrued liability and is classified as a current liability.

Answer 320

Accrued Expense

Question 321

It is a revenue/income that has been earned, but no cash has been received by the company.

Answer 321

Accrued Income/Revenue

Question 322

It means services have been provided or goods have been delivered but no cash has been received as at the end of the accounting period.

Answer 322

Accrued Income/Revenue

Question 323

Multiple column sheets wherein all necessary information used for the preparation of the financial statement is recorded in a systematic process is called a worksheet.

Answer 323

Worksheet

Question 324

The worksheet is not a ___ account.

Answer 324

permanent

Question 325

Worksheet is not a part ofa ___or___. It is a device used for ___ ___ of adjusting entries and financial statements.

Answer 325

Worksheet is not a part ofa journalorledger. It is a device used for easy preparation of adjusting entries and financial statements.

Question 326

It proves the equality of debits and credits; only the assets, liabilities and capital accounts are included.

Answer 326

Adjusted Trial Balance

Question 327

It is a journal entry that is made at the end of the accounting period to transfer balances from a temporary account to a permanent account.

Answer 327

closing entry

Question 328

All Income statement accounts are ___ or ___ accounts.

Answer 328

All Income statement accounts are nominal or temporary accounts.

Question 329

___ account is also closed at the end of the year to the capital account.

Answer 329

Withdrawal

Question 330

After the journalizing and posting the nominal accounts, it is time to prepare the ___-___ ___ ___.

Answer 330

Post-closing Trial Balance

Question 331

It is similar with the preparation of the Trial Balance; the only difference is that only the real accounts will be presented.

Answer 331

Post-closing Trial Balance

Question 332

It is a journal entry that is made at the beginning of the accounting period which reverses selected adjusting journal entries made in the immediately preceding period.

Answer 332

reversing entry

Question 333

It is done at the beginning of the accounting period.

Answer 333

reversing entry

Question 334

These are to be reversed: (3)

Answer 334

Accrued Expense
Accrued Income
Deferrals using Expense and Income methods

Question 335

Involves a comprehensive examination of a company’s financial statementsto provide users information to make economic decisions.

Answer 335

Financial Statements Analysis

Question 336

Provide insight into different aspects of a company’s financial health.

Answer 336

Liquidity and profitability ratios

Question 337

It focuses on a company’s ability to meet its short-term obligations

Answer 337

liquidity ratios

Question 338

It evaluates a company’s ability to generate returns over the long run

Answer 338

profitability ratios

Question 339

It determines whether an entity can be able to pay for current liabilities as they become due with the use of current assets.

Answer 339

liquidity ratios

Question 340

liquidity ratios (3)

Answer 340

Current ratio
Acid test ratio
Cash ratio

Question 341

It measures how well does an entity generate income that relates to their revenues, operating costs, assets and capital.

Answer 341

profitability ratios

Question 342

profitability ratios (3)

Answer 342

Gross profit ratio
Return on Assets
Return on Equity

Question 343

Currently only ___ CPD units are being required when renewing PRC ID for CPAs.

Answer 343

15

Question 344

This encompasses the processes of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property, and interpreting the results thereof.

Answer 344

Government Accounting

Question 345

This is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriads of transactions resulting from business operations over a period of time.

Answer 345

Financial Accounting

Question 346

This examines the cost structure of a business. It does so by collecting information about the costs incurred by a company’s activities, assigning selected costs to products and services and other cost objects, and evaluating the efficiency of cost usage.

Answer 346

Cost Accounting

Question 347

This is the practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization’s goals.

Answer 347

Management Accounting

Question 348

This refers to the management and allocation of revenue an organization acquires through donations, tax payments, grants and other public and private sources.

Answer 348

Fund Accounting

Question 349

This structure ofaccounting methods focused on taxes rather than the appearance of public financial statements.

Answer 349

Tax Accounting

Question 350

___ ___ is governed by theInternal Revenue Code, which dictates the specific rules that companies and individuals must follow when preparing their tax returns.

Answer 350

Tax accounting

Question 351

This utilizes accounting, auditing, and investigative skills to conduct an examination into the finances of an individual or business.

Answer 351

Forensic Accounting

Question 352

This provides an accounting analysis suitable to be used in legal proceedings.

Answer 352

Forensic Accounting